Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Gold Industry Analysis

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies154
  • 7D4.3%
  • 3M19.8%
  • 1Y123.8%
  • YTDn/a

Over the last 7 days, the Gold industry has risen 4.3%, driven by gains from Northern Star Resources of 4.6%. This means that the industry has gained 124% over the past year. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025AU$167.5bAU$26.4bAU$4.6b28.4x36.6x6.3x
Tue, 25 Nov 2025AU$140.0bAU$25.6bAU$4.3b24.4x32.9x5.5x
Thu, 23 Oct 2025AU$138.7bAU$26.4bAU$4.6b23.5x30.2x5.3x
Sat, 20 Sep 2025AU$126.8bAU$26.9bAU$4.8b17.9x26.3x4.7x
Mon, 18 Aug 2025AU$106.3bAU$22.8bAU$3.4b18.5x31x4.7x
Wed, 16 Jul 2025AU$100.4bAU$22.2bAU$3.1b17.5x32.4x4.5x
Fri, 13 Jun 2025AU$107.6bAU$22.3bAU$3.1b20.7x34.9x4.8x
Sun, 11 May 2025AU$102.9bAU$22.1bAU$3.0b18x34.1x4.6x
Tue, 08 Apr 2025AU$81.7bAU$22.3bAU$3.1b17.2x26.6x3.7x
Thu, 06 Mar 2025AU$77.9bAU$22.0bAU$2.9b18.3x26.5x3.5x
Sat, 01 Feb 2025AU$79.6bAU$18.7bAU$1.8b21.3x43.5x4.3x
Mon, 30 Dec 2024AU$70.5bAU$18.7bAU$1.8b20.8x38.2x3.8x
Wed, 27 Nov 2024AU$71.5bAU$18.6bAU$1.8b19.6x39.6x3.8x
Fri, 25 Oct 2024AU$78.1bAU$18.4bAU$1.8b24.2x43.5x4.2x
Sun, 22 Sep 2024AU$68.2bAU$18.3bAU$1.8b20.4x38x3.7x
Tue, 20 Aug 2024AU$63.7bAU$16.8bAU$1.4b22x46.9x3.8x
Thu, 18 Jul 2024AU$62.5bAU$16.0bAU$1.1b24.1x58.3x3.9x
Sat, 15 Jun 2024AU$55.8bAU$16.9bAU$1.2b20.4x47.2x3.3x
Mon, 13 May 2024AU$58.6bAU$17.1bAU$1.2b21.9x49.3x3.4x
Wed, 10 Apr 2024AU$59.3bAU$17.1bAU$1.2b22.4x50x3.5x
Fri, 08 Mar 2024AU$54.1bAU$16.4bAU$1.2b19.5x46.3x3.3x
Sun, 04 Feb 2024AU$73.9bAU$22.9bAU$1.3b20.5x55x3.2x
Tue, 02 Jan 2024AU$76.6bAU$22.9bAU$1.3b26.1x57x3.3x
Thu, 30 Nov 2023AU$75.1bAU$22.9bAU$1.4b24x55.6x3.3x
Sat, 28 Oct 2023AU$101.3bAU$40.5bAU$42.7m23x2374.1x2.5x
Mon, 25 Sep 2023AU$70.0bAU$22.9bAU$1.3b20.6x56x3.1x
Wed, 23 Aug 2023AU$65.2bAU$22.4bAU$283.9m16.7x229.5x2.9x
Fri, 21 Jul 2023AU$72.8bAU$22.1bAU$519.0m18.8x140.3x3.3x
Sun, 18 Jun 2023AU$70.4bAU$22.1bAU$540.7m17.4x130.2x3.2x
Tue, 16 May 2023AU$76.0bAU$22.3bAU$575.1m19.5x132.1x3.4x
Thu, 13 Apr 2023AU$77.4bAU$22.3bAU$570.5m18.3x135.7x3.5x
Sat, 11 Mar 2023AU$61.4bAU$22.5bAU$673.9m18.3x91.1x2.7x
Mon, 06 Feb 2023AU$66.5bAU$20.8bAU$1.2b19.7x57.8x3.2x
Wed, 04 Jan 2023AU$61.4bAU$20.9bAU$1.2b18.3x52.2x2.9x
Price to Earnings Ratio

52.2x


Total Market Cap: AU$61.4bTotal Earnings: AU$1.2bTotal Revenue: AU$20.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 62.8x20242025
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 36.6x which is lower than its 3-year average PE of 62.8x.
  • The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 6.3x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 57% per year over the last three years.
  • Revenues for these companies have grown 8.0% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market1.70%
Materials3.57%
Metals and Mining3.77%
Gold4.26%
Precious Metals and Minerals19.32%
Copper5.31%
Silver4.37%
Diversified Metals and Mining3.95%
Steel1.74%
Aluminum0.88%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NST Northern Star ResourcesAU$27.014.6%
+AU$1.7b		73.1%PE28.8x
EVN Evolution MiningAU$12.942.5%
+AU$649.8m		165.7%PE28.4x
RMS Ramelius ResourcesAU$4.208.0%
+AU$596.6m		97.2%PE17x
GMD Genesis MineralsAU$7.466.7%
+AU$536.9m		192.5%PE38.5x
WAF West African ResourcesAU$3.1410.6%
+AU$342.7m		115.1%PE11x

Latest News

WAF
AU$3.14
West African Resources
7D
10.6%
1Y
115.1%

WAF: Future Returns Will Improve With Strong Margins And Supportive Earnings Multiple

Analysts have modestly increased their price target for West African Resources to approximately A$3.97 from A$3.80, reflecting slightly stronger expectations for revenue growth, profit margins and future earnings multiples, despite a marginally higher discount rate. Valuation Changes The fair value estimate has risen slightly from A$3.80 to approximately A$3.97 per share.
EVN
AU$12.94
Evolution Mining
7D
2.5%
1Y
165.7%

EVN: Premium Gold Price Assumptions Will Likely Expose Downside Risk

Analysts have raised their price target on Evolution Mining by A$2.00 to A$10.50, reflecting upgraded fair value assumptions driven by higher gold price expectations and improved forecasts for revenue growth and profit margins. Analyst Commentary The latest price target revision to A$10.50 from A$8.50 by JPMorgan underscores a constructive view on Evolution Mining, supported by a stronger gold price outlook and expectations for margin expansion.
RRL
AU$7.73
Regis Resources
7D
3.9%
1Y
193.9%

RRL: Rising Gold Prices Will Support Stronger Future Free Cash Flow

Analysts have lifted their fair value estimate for Regis Resources from A$6.00 to about A$9.42 per share, as higher gold prices, stronger expected revenue growth and margins, and improving unhedged free cash flow support higher price targets across the sector. Analyst Commentary Recent Street research reflects a clear shift in sentiment toward Regis Resources, with price targets moving higher in response to stronger gold prices and improved free cash flow dynamics.
PRU
AU$5.73
Perseus Mining
7D
3.2%
1Y
122.1%

PRU Will Benefit From Stronger Gold Prices And Share Buyback Program

Analysts have lifted their price target on Perseus Mining to approximately A$4.40 from A$3.70, reflecting higher forecast fair value driven by expectations for stronger revenue growth and profit margins, despite a slightly higher discount rate and a modestly lower future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher A$4.40 price target as evidence that Perseus Mining’s valuation better reflects improving gold price assumptions and stronger long term earnings power.
BGL
AU$1.72
Bellevue Gold
7D
-0.3%
1Y
52.4%
RMS
AU$4.20
Ramelius Resources
7D
8.0%
1Y
97.2%
WGX
AU$6.50
Westgold Resources
7D
4.5%
1Y
124.9%

WGX: High Grade Great Fingall Ore Will Drive Stronger Margins

Analysts have raised their price target for Westgold Resources from approximately A$5.08 to A$7.98, citing stronger projected revenue growth, higher expected profit margins, and a more attractive future price to earnings multiple. What's in the News First high grade stopes fired at the historic Great Fingall underground mine near Cue, marking the transition from development to production and delivering initial grades above 3 g/t Au (company announcement) Great Fingall and Golden Crown are expected to ramp up to around 40,000 tonnes per month by late fiscal 2027, supplying high grade ore to the Cue processing hub and enhancing margins alongside Big Bell's bulk tonnage (company guidance) Ongoing underground drilling at Great Fingall is targeting extensions beyond the current six year mine plan, aiming to unlock additional high grade resources from multiple lodes (company announcement) Westgold has issued medium term guidance of approximately 420,000 ounces of gold production in fiscal 2027 and 470,000 ounces in fiscal 2028, at ASICs of about AUD 2,456 and AUD 2,499 per ounce respectively (company guidance) Group gold production for the quarter ended 30 September 2025 was reported at 83,937 ounces, down from 88,022 ounces in the prior quarter (operating results) Valuation Changes The fair value estimate increased significantly from about A$5.08 to A$7.98 per share, reflecting a higher intrinsic valuation for Westgold Resources.
NST
AU$27.01
Northern Star Resources
7D
4.6%
1Y
73.1%

NST: Elevated Gold Price Optimism Will Likely Fade Against Cost Pressures

Analysts have lifted their price target on Northern Star Resources, raising fair value from about A$13.56 to A$17.06, citing higher gold price assumptions, stronger expected revenue growth, and improving profit margins, despite a modest increase in the discount rate and slightly lower future P E expectations. Analyst Commentary Recent Street research has highlighted a more constructive stance from some global banks, including a higher A$22 price target from JPMorgan, reflecting upgraded gold price assumptions.
SVG
AU$0.017
Savannah Goldfields
7D
-5.6%
1Y
n/a
LRM
AU$0.034
Lion Rock Minerals
7D
-5.6%
1Y
325.0%
GMD
AU$7.46
Genesis Minerals
7D
6.7%
1Y
192.5%
BTR
AU$0.52
Brightstar Resources
7D
-2.8%
1Y
3.0%
VTX
AU$0.23
Vertex Minerals
7D
-13.2%
1Y
7.0%
GML
AU$0.073
Gateway Mining
7D
-1.4%
1Y
231.8%
CVR
AU$0.34
Cavalier Resources
7D
-10.5%
1Y
240.0%
KRM
AU$0.037
Kingsrose Mining
7D
-24.5%
1Y
12.1%